Ukrainian startup Petcube developing “smart” devices for pets, today announced it has raised $10 mln Series A funding. Almaz Capital, AVentures, Y Combinator, etc. became the investors.
Company will use the received funds to develop new products, expand marketing and enlarge distribution in North America and in the world market.
“This is the third time when AVentures Capital invests in Petcube since 2015. At that time we were the first, we gave credence to the team and even arrived at conclusion to invest in the project that had no sales at that point in time. But it had successful Kickstarter campaign and was interested for the intending customers”, – Andrey Kolodyuk, Managing Partner of AVentures Capital, said. Considering this third round, the total investment of AVentures in Petcube amounted to $1,5 mln.
Petcube creates interactive video cameras that make it possible for the pet owners to remotely keep track of their companion animals, speak with them, play and feed, as well as to take care of their safety and health. Products of the company got prestigious international awards.
According to Euromonitor, the global pet care industry is valued at $110 bln and estimated to grow to $128 bln by 2022, predominantly thanks to Connected Pet category.
“Five years from now, nearly 40 million pet households will use connected pet device. That’s half of the US pet population, – Yaroslav Azhnyuk, CEO and co-founder of Petcube, said. – While connecting the animals to the internet, we design hardware and software that enable us to gain greater understanding of them, while also ensuring their health, wellness and safety.”
Petcube customers are active users of Connected Pet category. Over 100,000 owners of Petcube devices interact with their pets remotely an average of 50 minutes per week, at a high frequency of eight times per week.
Petcube video cameras are available in 18 countries and sold in 5,000 retail locations in North America, Europe and the Asia-Pacific region as well as online at Petcube.com and Amazon. Petcube was launched in 2013 thanks to Kickstarter. This one of the most dynamic companies specializing in Connected Pet field.